Korea Investment CORP cut its holdings in shares of Fortis Inc (NYSE:FTS) by 43.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,007 shares of the utilities provider’s stock after selling 32,100 shares during the period. Korea Investment CORP’s holdings in Fortis were worth $1,329,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Jones Financial Companies Lllp increased its position in shares of Fortis by 1.4% during the third quarter. Jones Financial Companies Lllp now owns 121,101 shares of the utilities provider’s stock worth $3,926,000 after acquiring an additional 1,655 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Fortis by 15.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 16,456 shares of the utilities provider’s stock worth $533,000 after acquiring an additional 2,209 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Fortis by 0.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 778,232 shares of the utilities provider’s stock worth $24,810,000 after acquiring an additional 2,278 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Fortis by 38.3% during the second quarter. Cubist Systematic Strategies LLC now owns 10,016 shares of the utilities provider’s stock worth $319,000 after acquiring an additional 2,775 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Fortis by 3.0% during the third quarter. Janus Henderson Group PLC now owns 104,599 shares of the utilities provider’s stock worth $3,392,000 after acquiring an additional 3,043 shares in the last quarter. 50.63% of the stock is owned by institutional investors.
Several research firms have recently commented on FTS. Zacks Investment Research downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Bank of America began coverage on shares of Fortis in a research report on Tuesday, October 9th. They set a “buy” rating for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $39.00.
Fortis stock opened at $35.12 on Friday. Fortis Inc has a fifty-two week low of $30.88 and a fifty-two week high of $37.13. The stock has a market cap of $15.11 billion, a P/E ratio of 17.89, a PEG ratio of 3.92 and a beta of -0.13. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.49 and a current ratio of 0.59.
Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. Fortis had a net margin of 11.72% and a return on equity of 6.80%. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $0.61 earnings per share. As a group, research analysts anticipate that Fortis Inc will post 1.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be issued a dividend of $0.342 per share. This represents a $1.37 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, February 14th. Fortis’s dividend payout ratio (DPR) is presently 69.74%.
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Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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